Opaz extends 50% fee reduction for services provided to SMEs

Business Monday 01/August/2022 15:30 PM
By: Times News Service
Opaz extends 50% fee reduction for services provided to SMEs

Muscat: The Public Authority for Special Economic Zones and Free Zones (Opaz) approved the decision regarding the 50 per cent reduction of the fees for the services provided in the Special Economic Zone at Duqm (Sezad) to SMEs.

The reduction period will continue until March 20, 2027, according to the published in the Official Gazette on Monday, August 1, 2022.

The decision explained that the 50 per cent reduction of the fees for the services provided by Opaz targets small and medium enterprises operating in special economic zones and free zones, affiliated with the authority, provided that they are wholly owned by Omanis, and that they are registered with the Small and Medium Enterprises Development Authority.

Dr Said bin Khalifa Al Tuirshi, In Charge of Managing the Business Development Sector at Opaz, confirmed that this decision comes within the framework of the authority’s effort to create a stimulating investment environment for entrepreneurs and present their various business opportunities due to the growth witnessed in the special economic and free zones. The decision will benefit businesspersons and owners of commercial buildings located within Sezad as this package of facilities will boost the business and demand for these buildings. Further, it will meet the needs of residents, workers and visitors to the zone for various services, he added.

Al Tuirshi said that Opaz last month issued a decision reducing the registration fees for registration services in the commercial registry and licenses to practice some economic activities, including over 130 activities in Sezad. He added that the fees for operating the activities have been reduced from OMR550 to OMR5, while the registration and renewal fees for registering a local company or individual establishment in the commercial registry or registering its branch have become OMR30.

As for the registration and renewal fees for a joint Omani company or registering its branch the fees have been reduced to OMR40 instead of OMR1,000, to facilitate and enable the business and investment environment and to support small and medium enterprises or service providers operating within the borders of the zones of different services.

Opaz seeks to provide the best advantages, incentives, and facilities, to create a stimulating business environment that enables SMEs to benefit from, and facilitate Opaz's one-stop shop procedures to ensure the efficiency and speed of its systems to serve all zones.